Archive for the ‘Uncategorized’ Category
Friday, April 17th, 2009
Borrowers who have an outstanding loan balance on at least one loan that was made before July 1, 1993 are eligible for other types of deferment. Visit www.ogslp.org for more information or to download the appropriate deferment form.
Forbearance
If you’re unable to make your scheduled payments but in¬tend to repay your loan, you may request a forbearance to:
- Stop making your loan payments for a short period of time.
- Extend your repayment schedule.
- Make lower payments on your loan for a period of time.
Note: During forbearance, interest charges continue to accrue. The capitalized interest charges add unpaid interest to your principal bal¬ance, increasing both the total amount to be repaid and the monthly payment amount. You have the option to make interest payments to keep your principal balance from increasing due to capitalization.
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Thursday, April 16th, 2009
The monthly repayment amount and time period are determined by your loan amount and schedule of repayment. Loan holders offer four repayment schedules to accommodate your needs.
1. StandardRepayment Schedule
- This plan is the most financially effective way to pay off your student loan while minimizing interest costs.
- Payments are due monthly, excluding periods of deferment or forbearance.
- This schedule has a 10-year repayment term.
2. GraduatedRepayment Schedule
- This plan is ideal if you have limited income but expect to have higher earnings in the future; however, total interest costs are typically higher over the life of the loan.
- Monthly payments are lower at the beginning of the repayment period and increase over time.
- This schedule has a 10-year repayment term.
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Tuesday, April 14th, 2009
StaffordLoans – After you graduate or drop to less than half-time enrollment, you’ll receive a six-month grace period before the first loan payment is due.
GradPLUSLoans – Your first payment is due within 60 days after the loan is fully disbursed. You may receive an in-school deferment on your Grad PLUS loan while enrolled at least half-time at an eligible school. For Grad PLUS loans first disbursed on or after July 1, 2008, the post-enrollment deferment permits you to defer your loan for the six-month period immediately following the date on which you ceased to be enrolled at least half-time at an eligible school.
Before the grace period expires on your Stafford loan or before the first payment is due on your Grad PLUS loan, you’ll receive a repayment schedule* which includes:
- Available repayment options.
- Outstanding loan balance.
- Interest
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Monday, April 13th, 2009
It’s your responsibility as a borrower to repay the total amount of your loan, plus any interest that has accrued. However, there are some programs that allow your student loan debt to be forgiven.
TeacherLoanForgiveness (TLF) Program. All or a portion of your Stafford loan debt may be forgiven if you’re eligible for TLF. You must have received a Federal Stafford loan after October 1, 1998, teach certain high-demand subjects for five consecutive complete years, and meet all other participation re¬quirements. For more information about TLF, visit www.ogslp.org.
Disability. Your student loan debt may be conditionally discharged and later canceled if you become totally and permanently disabled. The appropriate documentation verifying your permanent and total disability must be certified by your doctor and accepted by your loan holder. If your loans are conditionally discharged, they’ll be permanently assigned to the U.S. Department of Education for a three-year period,
beginning on the date your doctor certifies the discharge application, before your debt is completely canceled.
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Sunday, April 12th, 2009
Your loan holder is generally not required to grant a forbearance and may require you to provide rationale for the request in addition to other information. However, your loan holder is required to grant a forbearance in certain circumstances, including if:
- You’re serving in a medical or dental internship or participating in a residency program.
- You receive a national service Education Award under the National and Community Service Trust Act of 1993.
- You’re eligible for the Teacher Loan Forgiveness Program and your cancellation amount will satisfy the anticipated outstanding Stafford loan balance at the time of the expected cancellation.
- You qualify for an economic hardship deferment.
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Saturday, April 11th, 2009
Consolidation allows you to combine all your federal education loans into a single, more manageable loan, make one monthly payment to a single loan holder and extend your repayment period to a maximum of up to 30 years depending on the consolidated loan amount.
The following repayment schedules are available for consolidation loans:
- Standard repayment schedule.
- Graduated repayment schedule.
- Income-sensitive repayment schedule.
- Extended repayment schedule (if applicable).
Note: Consolidation loans aren’t for everyone. Research the advantages and disadvantages to determine if a consolidation loan is best for you; more information is available at www.ogslp.org. If you wish to apply for a consolidation loan, contact your current loan holder.
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Friday, April 10th, 2009
Income-Sensitive Repayment Schedule
- This plan is appropriate if your income fluctuates, you have substantial loan balances or you need smaller monthly payments; however, total interest costs are typically higher over the life of the loan.
- Monthly payments are adjusted based on gross monthly income.
- Payments must cover accruing interest.
- The plan must be renewed annually.
ExtendedRepayment Schedule
- This plan is only available if you have Federal Family Education Loan Program (FFELP) loans totaling more
than $30,000.
- You may choose either the standard or graduated repayment schedule.
- The repayment term for this schedule can be up to 25 years.
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